We did a quick Q&A with our Paraplanner, Adam Tilston. Read below to find out from first-hand experience more about the Paraplanner role in Adams eyes!
1. WHAT DOES BEING A PARAPLANNER INVOLVE (DAY TO DAY, WHAT SKILLS ARE REQUIRED)?
• Attention to detail
• Logical thinking and problem solving
• Independent thinking
• Good task management/prioritising
• Having the ability to think of alternative solutions
• Adaptability – there’ll always be something new or something you haven’t seen before so it’s a question of how well you can adapt to new challenges
2. WHAT QUALIFICATIONS DO YOU NEED TO BECOME A PARAPLANNER, BEFORE AND DURING (CAREER PATH)?
None necessarily. Some of our best paraplanners don’t have any advice exams or a degree.
Though once I got my job, doing the R01-6 exams helped me develop my knowledge which helps me day to day. The route of becoming qualified can compliment the role well and Hadlow Edwards have supported me in taking these exams.
3. WHAT WAS IT THAT ATTRACTED YOU TO CHOOSE THE CAREER OF PARAPLANNING?
Originally, I wanted to go into paraplanning and use it as a stepping stone to becoming an Financial Adviser. However, since becoming a paraplanner its clear to me that there is a career within paraplanning itself and being an Adviser does not always have to be the next step.
4. WHAT ADVICE WOULD YOU GIVE TO SOMEONE CONSIDERING PARAPLANNING AS AN OCCUPATION/CAREER?
Research the job further and the opportunities it could present and decide if it interests you. You will be more successful if you have a general interest in financially helping people and/or the problem-solving side of the role.
5. WHAT IS THE DIFFERENCE BETWEEN A FINANCIAL ADVISER AND A PARAPLANNER?
Financial advisers are more client facing and their main role is meeting the clients, understanding their circumstances and initially creating a recommendation.
Paraplanners check the recommendation with a fine-toothed comb. We check the recommendation is appropriate, all relevant information is there, and essentially that everything adds up and makes sense for the client and it is suitable to their circumstances. We then do various calculations to support the financial advice recommendation and produce a suitability report, detailing the recommendation in clear terms. This report is then sent to the client.
6. WHAT MADE YOU WANT TO PURSUE A CAREER WITH HADLOW EDWARDS?
Having worked at Hadlow Edwards before through work experience, I knew that they had a close-knit culture and a personal family vibe and feel about the place, which was important to me. I know they have a big push towards career development and facilitate people to get to the next step.
7. HOW WOULD YOU SELL YOURSELF AS A PARAPLANNER TO POTENTIAL ST. JAMES’S PLACE PRACTICES?
I am experienced with a variety of case types and complexities – whether that be Pension Transfers or Inheritance Tax Planning. Having built up my logical thinking and problem-solving skills through my Mathematics Degree, I am well equipped to approach a case from a technical angle to ensure it is in the best interests of the client as well as it being FCA compliant.
In my first year as a paraplanner, I was in the top 100 paraplanners in SJP (5000+ paraplanners) based on quality of documentation which has motivated me to continue to improve even further. Finally, previous to St. James’s Place I worked with a different Investment Management Company which, along with general research and personally investing, provides me with an increased understanding of investing which helps me most days in the paraplanning world.